REO Properties for Sale

If you’re looking to purchase REO Properties for sale, best way is to look directly from the websites of the loan servicers or mortgage companies stuck with these assets.   In this tough economy, banks are all looking to unload the REO properties on the cheap as fast as possible.  Here are just some of the companies that list their REO properties on their website.  And you can easily filter or search by state or price.  Although there’s definintely reason why these assets did not sell in foreclosure, who knows, I’ve seen plenty of BPO’s with gross pictures, like one specific one was a skeleton of a dead dog chained to a table.  Again, there’s reason why these properties can’t sell in foreclosure.  And you know what, I’m shocked there’s properties selling at 400k in REO, these properties must have gold plated toilet seats still installed.

Here are some links for REO properties

http://www.countrywide.com/purchase/f_reo.asp

http://www.ocwen.com/reo/home.cfm

http://reosearch.fanniemae.com/reosearch/

http://www.citimortgage.com/Mortgage/Oreo/SearchListing.do

https://www.gmacmortgage.com/reo/search/index.htm

https://www.flagstar.com/properties.html

Home prices drop record 19 percent

Home prices in 20 cities fell a record-breaking 19 percent in January from the previous year, a sign that the prolonged housing slump shows no sign of abating, according to S&P/Case-Shiller Homes Prices Index data released today.

Average home prices across the United States are at a similar level to what they were in 2003, the report says.

All 20 of the metropolitan areas measured reported annual price drops, and each has had at least five consecutive months of decline. Home price indices in nine of the areas have fallen more than 20 percent in the last year.

Modern Kitchen Remodeling

Another kitchen remodeling idea for our kitchen remodeling series. This kitchen remodel has a bit more of a modern touch. Buyers in the larger metropolitan cities seem to draw to the stainless steel look, especially when combined with such elegant wood pieces on those cabinets. Beautiful granite is used in this custom kitchen on both the countertops and the walls underneath the cabinets. The stone star inlay behind the range completely customizes this kitchens style. Another nice feature is the use of the very high cabinets as a display area with lighting, utilizing cabinets all the way to the ceiling for collectibles and rarely accessed kitchenware.

French Style Custom Kitchen Remodeling

In our series of kitchen remodeling ideas, let’s take a look at this french style custom kitchen remodeling complete with an island that also serves as a breakfast bar.  The custom cabinets blends the fridge by blending in wood panels onto the face of the fridge, very nice touch!  The beige cris-cut blackspash gives the kitchen a warm country feel.  The full size functional air vent and the grill below it will make any amateurs feel like a professional chef.  All in all, this cozy design and concealing large appliances makes the room great for family and gather area for family.

Kitchen Remodeling

As realtors always say, kitchen remodeling is one of the best investments in your home. Aside from the comfort of cooking in your brand new renovated kitchen, home owners typically recoup, if not make a modest return, off a kitchen renovation.

Kitchen remodeling is very broad and consists of many smaller areas. Maybe you’d like to improve your current kitchen, or perhaps you’ll want a complete kitchen remodeling. The areas of a kitchen remodel are:

• Kitchen Cabinets – Wood cabinets in oak, maple, cherry, hickory, pine, birch, metal and plastic. cabinet refacing, and kitchen storage items and kitchen islands.
• Kitchen Windows – Skylight windows, double hung and single hung windows, casement and garden windows for growing herbs and plants.
• Kitchen Countertops – stone, marble, quartz, granite, solid surface, wood, metal, and Formica countertops.
• Kitchen Lighting – Light controls, chandeliers, fixtures, lamps, fluorescent lights, recessed and spot lighting.
• Kitchen Appliances – Ovens, stoves, cook tops, refrigerators, dishwashers, range, microwaves, hoods, and exhaust fans.
• Kitchen Sinks and Fixtures – Kitchen faucets, stainless steel, brass, plastic and glass handles.
• Kitchen Flooring – Hardwood flooring, cork, bamboo, laminate, linoleum flooring. Installation, repair and refinishing your floors.

Hiring Kitchen Remodeling Professionals

Remodeling your kitchen is a big project. You’ll want to make sure you are hiring the right kitchen design specialist or kitchen remodeler for your project. As is the case with any relationship, communication with your contractor is the key to success. The kitchen remodeling contractors will be working closely with you in your house for a good part of time. Here are some tips to help you work with your kitchen contractor:

• Discuss all house rules beforehand (smoking, language, etc.).
• Let your kitchen remodeling contractors know where they can park their cars.
• Arrange a time schedule you feel comfortable having the contractors work in your kitchen.
• If you have a date, or special occasion in which you will be needing to use the refrigerator, or sink, etc., let your contractors know ahead of time.
• Determine which door you would like the contractors to use for entering and exiting your home.

Looking For More Information About Kitchen Remodeling?

Kitchen remodeling can be an excellent way to add value to your home. You’ll want to make sure you are choosing the right kitchen remodel for your home and your budget.

Hardknock Life For the Rich And Famous

According to the prominent real estate valuation site, this 11 bedroom 11 bath mansion in the Hamptons recently sold for a whopping … $27k.  Yes,”K” as in thousand.

Notice the annual tax costs twice as much as the sold price.
ZESTIMATE®: $20,228,000
* Value Range: $1,820,520 – $22,453,080
* 30-day change: $607,500
* Zestimate updated: 03/04/2009

Last sale and tax info

Sold 01/02/2009:
$27,000
2007 Property Tax:
$53,500

History On This House

After a little digging, it appears that this fine property was owned by John and Lauren Veronis, which fetched $27 million recently, sold to James Nicholson, the CFO of Nektar Therapeutics, Inc.

Veronis is co-founder and managing partner of Veronis Suhler Stevenson, an independent media merchant bank,and he also founded the Psychology Today magazine, and was once editor of Ladies Home Journal. Lauren Veronis is a philanthropist and socialite who is also the mother of newswoman Perri Peltz.

The Verdict

Zillow sucks.  Three zeros make a big difference fellas.

NEW YORK (CNNMoney.com) — President Obama is in danger of losing the biggest stick in his foreclosure prevention arsenal.

The administration’s plan to stem the housing crisis depends on Congress amending the bankruptcy laws to allow judges to modify mortgages, in particular by reducing principal to make monthly payments more affordable.

The so-called cramdown provision could put pressure on loan servicers to modify mortgages before borrowers file for bankruptcy.

A major critique of the voluntary modification programs is that servicers aren’t doing enough to help struggling borrowers. But servicers will likely be more aggressive in working with homeowners if they know that the borrowers can turn to judges for relief.
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Government Auction

Government Foreclosure Buying Tips:

If you’re looking for buy foreclosures repossessed (repos) properties by the government, these tips might be helpful.

1. Be sure to inspect the home completely. That means you must check for all the minor details and damages that may add up in repair costs, such as moles issues or maybe even foundation problems. You may be able to negotiate for a better price if you deem the property worthy of repair.

2. When going on site for inspections prior to bid, be sure to bring an expert inspector with you. Even if you’re knowledgeable in the field, never hurts to get a second opinion and perhaps catch on small details you missed personally. Again, any damages caught prior to purchase can save you lots of unnecessary headache.

3. Remember These are government auctions. Start the bid low since other bidders likely will have inspected the home as well. Slowly let the bid auction bid up. If there’s amateurs bidding up the price, let them have it. There’s plenty of inventory, especially in this market. Always make sure you set your budget and the set the yield you want to make on the property before coming to the auction.

How to Avoiding Mortgage Fraud

Because of increasing number of mortgage fraud cases springing up across the country, the Federal Bureau of Investigations ( the FBI) and other law enforcement agencies have begun working closely with banks and mortgage companies, as well as national associations such as the MBA, the Appraisal Institute, the National Association of Mortgage Brokers National and State Boards of Realtors, and the National Notary Association to determine the causes of, and to put an end to mortgage fraud.

The FBI, along with other federal, state, and local policing agencies, has established several recommendations that help consumers protect themselves from fraud while purchasing real estate:

You should know and understand the terms of your loan by making sure the information in the mortgage documents are complete and accurate. Read and reread them, and then read them again!

Always check the license numbers of brokers, escrow companies, and lenders< by contacting state and local regulatory agencies.

Although federal agencies are trying to keep mortgage fraud under control, there are several steps that you, the consumer, can take to protect yourself from being taken advantage of by unscrupulous mortgage brokers, real estate agents, and others who are out to make a profit by undermining your rights to fair lending practices.

Federal Housing Finance Regulatory Reform Act

By DAVE CARPENTER, AP Business Writer Tue Jul 29, 11:02 PM ET

Questions and answers about the Hope for Homeowners Act of 2008, passed by Congress last weekend to try to steer as many as 400,000 struggling homeowners away from foreclosure:

Q: What exactly will the legislation do?

A: It will allow those who qualify to cancel their old mortgage loans and replace them with 30-year fixed-rate loans for up to 90 percent of the home’s current value. The FHA will insure a total of $300 billion of the loans over a three-year period.

But the decision on whether to write such a loan remains up to banks, which would have to be willing to take a loss on the existing loans in exchange for avoiding an often-costly foreclosure.

Q: Who is eligible?
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